An Outside Auditing Firm Annually Supervises a Physical Count of the Items

question 157

Multiple Choice

An outside auditing firm annually supervises a physical count of the items in a retail store's shelf inventory. This is an example of:

• A) authorizing events
• B) executing events
• C) recording events
• D) safeguarding resources

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Definitions:

Deceit

The act of intentionally misleading or deceiving someone to gain an advantage or cause loss to another.

Misappropriation

The unauthorized use of another's funds or property, often related to intellectual property.

Privacy Act

Legislation that governs the collection, use, and disclosure of personal information by governmental organizations, protecting individuals' privacy rights.

Privacy Law

Regulations and legal principles that govern the collection, use, and protection of personal information of individuals by entities.